Entry price
The cost of entry is where these two firms differ most in their business model. The5ers uses a "what you see is what you pay" approach, while Halcyon splits the cost between an evaluation fee and a post-passing activation fee.
- Halcyon: For a 50K account, the Lite evaluation costs $68 plus a $79 activation fee (Total: $147). However, their Dynamic plan offers a very low entry of $47-$49 for the evaluation, with a separate upgrade fee later.
- The5ers: A 50K account costs $100 (Day Trade) or $120 (Swing). There are no activation fees, making the initial out-of-pocket expense lower than Halcyon's Lite or Prime plans.
- Halcyon resets: If you fail, a reset costs between $27 and $83 depending on the size.
- The5ers does not emphasize a reset fee, but failing typically requires buying a new challenge at full price.
Lo que pagas mientras operas
Trading costs are not just about the challenge fee; they are about the friction of every trade.
- Halcyon: Commissions are based on their platform partners (Ironbeam/Rithmic). They support a wide range of platforms like TradingView, Quantower, and ATAS. This variety allows you to use tools you might already pay for, potentially saving on new software licenses.
- The5ers: Charges $5 per side for standard futures and $2.50 for micros. This is a significant cost for scalpers. Furthermore, you are locked into the BlackArrow platform, which limits your technical flexibility.
- Halcyon allows more freedom in execution, but the cost depends on the specific data feed and platform tier you choose.
What mistakes cost you
In prop trading, the "cost" of a mistake is measured by how much room the firm gives you before you have to pay for a reset.
- Halcyon: Offers different "price points" for risk. The Lite plan uses Intraday Trailing Drawdown, which is the "costliest" for the trader as it tracks peak unrealized profit. The Prime plan uses End-of-Day (EOD) Drawdown, which is more forgiving.
- The5ers: Uses a 4% EOD trailing drawdown. While EOD is better than intraday, the 4% limit is relatively tight. For a 100K account, a mistake exceeding $4,000 ends your account.
- Halcyon also imposes a 40% consistency rule on its Prime and Dynamic (optional) accounts. The "cost" here is time: if you have one windfall day, you must continue trading for more days to balance the profits before you can withdraw.
What it costs to get paid
This is where the real economic difference appears. Getting to the finish line is one thing; taking the money home is another.
- Halcyon: You keep 90% of the profits. There is no mandatory buffer, meaning you can request a payout as soon as you are above your starting balance (minimum $250). The "cost" is a 6-day qualifying period where you must hit a minimum daily profit.
- The5ers: You keep only 80% of the profits. Furthermore, there is a 3.5% payout fee for methods like Rise or Crypto. You also face a "hidden" cost in the form of a 4% profit target buffer: you cannot request a payout until you have gained at least 4% above the initial balance.
- Halcyon's payout frequency is faster (6 trading days) compared to The5ers' 14-day cycle.
Where each one hides its cost
- Halcyon hides its cost in the activation fees. A challenge that looks cheap at $68 actually costs $147 before you can see a penny of profit. Also, their reward accounts have maximum withdrawal caps per request (e.g., $2,000 for a 50K Lite account) for the first five payouts.
- The5ers hides its cost in the 80% profit split and the 3.5% withdrawal fee. Over time, losing 10% more of your profit to the firm than you would at Halcyon represents a massive cumulative cost.
Cheapest for whom
- The5ers is the cheapest for beginners who want a simple, one-time payment and don't expect to make large withdrawals immediately, as they avoid the hurdle of activation fees.
- Halcyon is the cheapest for consistent, high-earning traders. The 90% split and the removal of the profit buffer mean that despite the activation fee, you put more money in your pocket faster.
Frequently asked questions
Which firm is cheaper for a 50K account evaluation, Halcyon or The5ers?
The5ers is cheaper for a standard 50K account with a total price of $100 (Day Trade) or $120 (Swing) with no extra fees. Halcyon's 50K Lite evaluation costs $68, but you must pay an additional $79 activation fee after passing, bringing the total cost to $147.
Who offers a better profit split for the trader, Halcyon or The5ers?
Halcyon offers a significantly better deal, allowing traders to keep 90% of their profits. In contrast, The5ers keeps a larger share, leaving the trader with 80%. Additionally, The5ers charges a 3.5% fee on withdrawals, a cost that does not exist at Halcyon.
Is it easier to get a payout from Halcyon or The5ers?
Halcyon is generally faster and easier because it has no mandatory profit buffer (as of August 2026) and a short 6-day qualifying cycle. The5ers requires you to reach at least a 4% profit buffer before your first payout and enforces a longer 14-day waiting period between withdrawals.
Which firm is better for holding positions overnight, Halcyon or The5ers?
The5ers is the only viable option for swing trading, as their Swing plan specifically allows overnight positions (with contract limits). Halcyon strictly prohibits holding positions overnight or through the weekend on all account types, with automatic liquidation occurring at 4:45 PM EST.
